State Bank launches Rs16bn remittance reward scheme for overseas Pakistanis

The State Bank of Pakistan has launched the Pasban Remittance Reward Scheme, an annual draw programme worth Rs16 billion in cash prizes for people who send money to Pakistan through banks. The scheme is open to recipients of remittances from abroad, with half of the prize pool set aside for money sent from the United Arab Emirates and other Gulf countries, Khaleej Times reported.

To qualify, a recipient's bank account must receive at least $100 or equivalent in foreign remittances in each of three consecutive months. For every $100 received in an eligible month, the recipient gets one digital entry. A person who receives $100, $200 and $300 over three months would earn six entries. There is no fee to join, and banks cannot ask for ticket purchases, extra deposits or a minimum balance.

Draws will be held every quarter, with 2,521 cash prizes worth Rs4 billion each time. The prize list includes one first prize of Rs10 crore, 20 second prizes of Rs2.5 crore each, 100 third prizes of Rs1 crore each and 2,400 fourth prizes of Rs100,000 each. In a year, more than 10,000 people will receive a total of Rs16 billion, the central bank said.

Prize money will be divided by region: Gulf countries including the UAE will get 50 percent, the United Kingdom 15 percent, Europe 15 percent, North America 10 percent, and other countries 10 percent. The Rs10 crore first prize will be available to eligible remitters from all regions.

The first quarterly draw will take place on January 15, 2027, and will cover eligible remittances received between October 1 and December 31, 2026. Draws will be conducted through a digital, secure and auditable process, with results published on the scheme's website, participating banks' websites, Pakistan Banks Association platforms and official social media accounts.

State Bank Governor Jameel Ahmed said remittances are an important support for millions of Pakistani families, helping them meet household expenses, education, health, investment and other economic needs. The central bank said the scheme will be funded entirely by Pakistan's banking sector and will place no burden on the national treasury or the government. It is meant to encourage overseas Pakistanis to use banks and other formal channels instead of informal means to send money home.